BIDEN’S INITIAL TAX PROPOSAL TARGETS 1 MILLION SMALL BUSINESSES, WILL HIT MILLIONS MORE
Today, President Biden announced the biggest proposed tax increase in AMERICAN HISTORY – and it is just the first of many tax increases planned by the Democrats. Biden’s first tax hike would target the nearly 1 million small businesses structured as corporations, but is already planning to tax the millions of small businesses that file as individuals. Biden’s true tax plans include raising taxes for small businesses structured as corporations by 33 percent, and dramatically increasing capital gains taxes, which would hit small businesses hard. Biden’s ultimate tax plan will also repeal the 20 percent tax deduction for small businesses. These taxes would pay for trillions of dollars in new infrastructure spending and left-wing priorities.
“Today, President Biden has declared war on small business,” said Alfredo Ortiz, President and CEO of the Job Creators Network (JCN). “The President is taking aim at the heart of small business with job-crushing tax hikes. There is no justification for raising taxes on small business – especially after small businesses have struggled for over a year with government-imposed lockdowns and slower consumer demand.
“Before the pandemic started, we were experiencing the lowest unemployment rate in half-a-century and the fastest wage growth in decades. This was a direct result of tax cuts and deregulation policies. With vaccine distribution ramping up, we should be poised to renew the pre-pandemic boom shortly. Instead, Biden wants to bring the Jimmy Carter Presidency back to life – higher taxes, more spending, slower job growth, and menacing inflation.
“President Biden could and should have been an ally for small business. That’s what he promised during the campaign. But he’s putting his left-wing base first, which means he’s putting small businesses last. I guess for Biden it’s looking more like promises made, promises broken.”
On March 27, RealClearPolitics
This week, JCN placed a 3-in-1 digital billboard in the heart of New York City’s Times Square highlighting three areas President Biden inadequately addressed or ignored in his first press conference last week. The billboard cycles through three designs covering job loss, tax hikes and schools reopening.
View the billboards here.